VALPARAISO | The $168 million from last year's sale of Porter Hospital could be generating thousands more dollars per day in interest, said Porter County Councilman Mike Bucko.

Bucko, who is running for county treasurer this year, said officials should evaluate investment options available to the county that would generate higher earnings.

Bucko said the county could be generating 0.5 percent more in interest, equivalent to about $2,200 more per day. This would increase the current interest earnings by $800,000 annually.

"The $168 million in proceeds money requires a watchful party because a small increase in margin means significant earnings," Bucko said.

Earlier this week, Bucko advised Council Attorney David Hollenbeck to create a request for proposals for the council to review.

The request would invite various institutions to explain the investment options they could provide to the county. Officials would not be contractually bound to choose any of the institutions. Discussion regarding the proposals, which need to be voted on and approved by officials, likely will occur at Tuesday's council meeting.

"In my mind, this isn't a request for them to act as a consulting entity on where the funds should be invested," Bucko said. "It would be for investment options available to the county. After the council and commissioners look at the options, we can decide what our next step might be."

Bucko said there are a range of options available for the funds -- from simple liquid accounts such as money markets to various combination investment opportunities.

While a determination is made on the proposals, Bucko said the funds should be placed in a more robust earning opportunity for the next 30 to 90 days.

"If you can make 60 days at half a percent more than what you're making today, that's substantial," Bucko said. "If there's any way to leverage these funds, I think it's the responsibility of the boards to do so."